Why a Biden win could be good for fintech

As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.

By Anna Hrushka • Nov. 5, 2020

Schwab's move into Texas casts spotlight on state's two-regulator system

A savings bank charter may prove a prudent choice for mortgage lenders whose terms are long and risks unique, analysts said.

By Ken McCarthy • Nov. 5, 2020

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Wells Fargo plans to freeze raises for workers earning over $150K

The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.

By Dan Ennis • Nov. 5, 2020

Goldman pushes back over plaintiffs' request for 'bimbo' documents

The bank, embroiled in a decade-long suit alleging promotion bias against women, said it has already submitted relevant emails to the court, and that a new search would be costly and take 17 months.

By Dan Ennis • Nov. 4, 2020

JPMorgan Chase warns of regulator fine over flaw in internal controls

Several banks may have wanted to settle with regulators before the election is decided in case a Biden administration yields stiffer enforcement and penalties.

By Dan Ennis • Nov. 4, 2020

Wells Fargo picks Capital One executive to head diversity efforts

The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.

By Anna Hrushka • Nov. 3, 2020

Ocasio-Cortez, Tlaib-backed bill would create federally chartered public banking system

The creation of public banks would expand financial services to underbanked communities and help fund public infrastructure projects, the lawmakers said.

By Anna Hrushka • Nov. 2, 2020

CFPB final rule lets debt collectors use email, text

The rule limits to seven the number of times a collector can call a consumer about a particular debt over seven consecutive days. But it establishes a new type of communication that won't count against the cap.

By Dan Ennis • Nov. 2, 2020

Fed lowers Main Street loan threshold to $100K

With the chance of a PPP revival waning, the central bank played with the margins in Main Street — waiving the 1% fee it collects from borrowers on loans of less than $250,000, but allowing banks to charge 2% origination fees.

By Dan Ennis • Nov. 2, 2020

American Express pledges $1B toward racial, gender equality

Much of that will come in an effort to double — to $750 million annually by 2024 — the credit-card network’s spending on diverse and minority-owned suppliers in the U.S.

By Dan Ennis • Oct. 30, 2020

NY regulator lays out climate risk expectations for banks

The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.

By Dan Ennis • Oct. 30, 2020

SoFi gets OCC's preliminary approval for bank charter, launches credit card

The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.

By Anna Hrushka • Oct. 29, 2020

Visa's Plaid deal faces antitrust scrutiny from Justice Department

The DOJ may be concerned Visa's purchase of Plaid would result in a "killer acquisition" — when a legacy company purchases a smaller, innovative player to preempt future competition, a Bloomberg Law analyst said.

By Anna Hrushka • Oct. 28, 2020

OCC clarifies 'true lender' status on bank-fintech loans

A final rule the regulator issued Tuesday puts the onus on banks to ensure a loan complies with consumer protection laws.

By Dan Ennis • Oct. 28, 2020

Ex-Goldman lawyer sues bank in alleged sexual misconduct cover-up

Whistle-blower Marla Crawford claims her boss retroactively added negative comments to her performance review in retaliation for her complaint over an inappropriate relationship, leading Crawford's bonus to be slashed by $30,000.

By Dan Ennis • Oct. 27, 2020

Fed, FinCEN want to make banks report international transfers of as little as $250

Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.

By Anna Hrushka • Oct. 26, 2020

Kansas regulators close Almena State Bank in year's 4th bank failure

Almena is the second U.S. bank to shutter within a week. The bank's two branches opened Monday under the banner of Equity Bank, which is purchasing roughly all of Almena's $65.8 million in assets and its deposits.

By Dan Ennis • Oct. 26, 2020

Fintechs hopeful as CFPB seeks to modify data access rule

Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.

By Anna Hrushka • Oct. 23, 2020

Goldman claws back $174M from current, former execs in 1MDB case

The move comes as the Justice Department on Thursday handed down a $2.9 billion settlement in which a Malaysian unit of the bank pleaded guilty to conspiracy to violate anti-bribery laws.

By Dan Ennis • Oct. 22, 2020

Senate bill would expand Civil Rights Act to bar discrimination at banks

Senators cited a June article in The New York Times recounting Black people's experiences being turned away or accused of fraud while trying to make simple transactions, such as to cash a check or withdraw funds.

By Anna Hrushka • Oct. 22, 2020

Election 2020: What should the banking industry expect from Biden or Trump?

Banking Dive spoke to several academics, consultants and legal experts about what may change or stay the same in the banking sector under a new Biden administration or a second Trump term.

By Anna Hrushka • Oct. 22, 2020

Regulators finalize rule requiring big banks to keep year's worth of liquidity

Most of the nation's 20 largest banks already meet the rule's demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.

By Anna Hrushka • Oct. 21, 2020

Synchrony lets all US workers stay remote permanently

The credit card provider wants to cut up to $250 million in expenses next year. But the new policy contributed to an $89 million restructuring charge the company took in the third quarter, according to earnings reported Tuesday.

By Dan Ennis • Oct. 21, 2020

Fed chair remains cautious on regulator's digital dollar efforts

The central bank's chief, Jerome Powell, told a panel Monday he'd rather the U.S. "get it right" than be first — and that such a currency should aim to complement rather than replace the dollar.

By Dan Ennis • Oct. 20, 2020

Regulators close Florida's First City Bank, 2020's 3rd bank failure

The bank's chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.

By Anna Hrushka • Oct. 19, 2020